On June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow borrowers to extend the period for spending the loan proceeds to 24 weeks from the date of disbursement, an increase from the eight-week period originally … Continue Reading

On May 22, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness: “Business Loan Program Temporary Changes; Paycheck Protection Program –Requirements – Loan Forgiveness” and “Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related Borrower … Continue Reading

Small businesses oftentimes rely on co-working spaces, which are facing two issues during the Coronavirus Disease 2019 (COVID-19) pandemic. Some co-working spaces are staying open in the event that any of their users provide essential services – does this warrant charging continued fees to all users? Furthermore, because shared spaces may challenge company-wide safety guidelines, … Continue Reading

On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The goal of the TALF is to help consumers and businesses access affordable credit during and in the aftermath of the Coronavirus Disease 2019 (COVID-19) pandemic by lending to holders … Continue Reading

This morning the SBA issued an important new FAQ 46 on how it intends to review the good faith necessity certification required for PPP loans. The safe harbor for return of PPP loans expires tomorrow, May 14, and companies should carefully consider the newest guidance as they weigh whether to return loans. View the full … Continue Reading

On April 30, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced changes to its Main Street Lending Program (MSLP) in response to feedback from the public with respect to its initial term sheets published on April 9, 2020. We described the terms of the prior iteration of the MSLP in a previous … Continue Reading

On April 9, 2020, in further response to the economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the Board of Governors of the Federal Reserve System took actions to pump an additional $2.3 trillion in liquidity into the U.S. credit and capital markets. According to the Federal Reserve, this new $2.3 trillion – which … Continue Reading

Stay Connected

Subscribe By Email

Your website url

Tweets by @GT_Law

About Us

Greenberg Traurig’s Financial Regulatory and Compliance Group brings together attorneys from various offices and practice areas to assist financial services firms of all types and sizes, as well as vendors to those firms, as they face regulatory, legislative, supervision, examination, licensing, compliance, and governance matters…
MORE

Stay Connected

About Greenberg Traurig, LLP

Greenberg Traurig, LLP (GT) has approximately 2,200 attorneys in 41 locations in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.